What is KYC (Know Your Customer)?
The short answer
The identity verification process required by regulated exchanges before you can trade.
A standard, legally required process at legitimate exchanges — not a red flag. Be more cautious of a platform that skips it entirely.
Related terms
Full glossaryPrivate Key
The secret code that proves ownership of crypto and allows you to move it. Whoever holds it controls…
Max Supply
The absolute maximum number of coins that will ever exist for a given cryptocurrency, if one is set.
Exchange
A platform where you can buy, sell, and trade cryptocurrencies, usually for traditional currency.
Peg
The target value a stablecoin is designed to maintain, typically $1 for dollar-pegged coins.
Rug Pull
A scam where developers abandon a project and disappear with investors' funds, often suddenly.
Whale
Slang for an individual or entity holding a very large amount of a given cryptocurrency.
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